臺灣博碩士論文加值系統

近年來，國際環境趨於開放，如歐盟形成、世界貿易組織功能的擴充等，加速市場全球化的步調。聯合國貿易及發展會議(UNCTAD)發布的2007年世界投資報告說明，全球海外直接投資普遍增長，主要是各地區出現了強勁的經濟增長、企業盈利增加、商品價格上漲、跨境併購增多以及美元疲軟等。因此，在全球化浪潮的推動下，海外直接投資在世界經濟發展中佔有重要地位。
我國企業目前過度將資金集中於中國，海外投資出現失衡情形，所以本研究同時對金磚四國進行研究。除了希望企業能針對自身需求，選擇適合之投資市場與進入策略外，更希望能分散過度投資中國的風險。基於影響因素與決策過程完整性之考量，首先，以折衷理論(Eclectic theory)結合利益(B)、機會(O)、成本(C)和風險(R)四個準則組成模型的主架構；其次，透過文獻整理把12個影響企業選擇海外直接投資策略的因子導入BOCR四個準則裡，再藉由決策試驗與實驗評估法(DEMATEL)整理出因子和策略間的關聯架構；再者，使用網路程序分析法(ANP)對此關聯架構求得權重；最後利用BOCR計算方式對策略進行評選排序。如此，不僅可讓台資塑膠製造廠商知道到金磚四國各應重視的因素為何，且企業亦可知道在利益(B)和機會(O)最大，成本(C)和風險(R)最小的考量下，各應選擇何種進入策略。
研究結果顯示巴西(Brazil)與俄羅斯(Russia)適合採合資策略，因為合資策略不僅能有效提升當地市場潛力，更能改善經驗不足與降低文化距離較高的現象；印度(India)則為併購策略，除了該國塑膠產業競爭程度較低之外，人力成本也不高，因此企業可直接併購當地經營不善之企業，迅速掌握當地市場；中國(China)為新設策略，新設策略對投資因子之影響性與併購、合資策略皆相差不遠，且在無形資產、當地經營經驗、市場潛力與文化距離之考量下，企業皆會採新設策略。

With escalating open-minded and globalize investment environment, the world as a whole has experienced its fast-paced development recently, examples are the construction of European Union, and WTO (World trade organization). According to 2007 UNCTAD world investment report, due to superior economic growth, mounting corporate revenues, rising commodities prices, growing cross border M&A events, and depreciating USD, the worldwide overseas direct investment increases in recent years. For this reason, overseas direct investment plays its extremely important role in enhancing the prosperity of world economy during this global-expanding trend.
It is interesting to notice that Taiwanese enterprises have biased overseas direct investment strategy since they normally put most of their capital in China. This motives us to analyze BRIC investment market and tries to find out one best and suitable market expansion strategy that not only perfectly match corporate needs, but fully diversify the risks coming from over-focusing on Chinese market. After considering the major factors and entirely strategy making process, this paper is structured as follows: firstly, we refer to the Eclectic theory and propose our model based on four principles: Benefits (B), Opportunities (O), Cost (C) and Risk (R); Secondly, through literature review method, we discover 12 major factors effecting corporate overseas direct investment strategy and input them into our BOCR principles, and work out one joined structure through Strategic valuation experiment method and DEMATEL analysis; Further, we employ ANP (Analytic Network Process) method and obtain the weights of this joined structure, and finally ranking the strategies via BOCR calculations.Through applying the suggested strategy mentioned above, Taiwanese plastic manufacturers could not only recognize which factors are significant while entering BRICs, but also know where the biggest benefits (B) and opportunities (O) after identifying the least cost (C) and Risk (R), and decide their best entry strategy.
We find out that corporate should employ Joint Venture investment strategy in Brazil and Russia with the purpose of increasing the local market potential and improving some cultural misunderstandings. And in India, the best entry strategy is M&A. In addition to its underdeveloped plastic sector situation and low labor costs, enterprises could immediately control local markets through merging with companies having financial insolvency problems. In China, the suggested one is Greenfield strategy. Such strategy has almost the same influence on investment factors with M&A or JV strategies, but enterprises always adopt it in view of the intangible assets, local experience, market potential, and cultural difference.

目 錄

第一章 緒論

第一節 研究背景與研究動機 1
第二節 研究目的與方法 3
第三節 研究範圍和對象 5
第四節 研究內容與流程 7

第二章 海外直接投資相關理論與其評估準則之探討

第一節 海外直接投資與相關理論 9
第二節 企業海外直接投資評估準則與要素 22

第三章 準則網路關係圖之構建與策略模式評估

第一節 準則關係模式之構建 32
第二節 DEMATEL網路關係圖之建構 36
第三節 進入策略選擇評估模式 40
第四節 研究樣本資料 48

第四章 實證分析：台資塑膠製造業至金磚四國海外直接投資進入策略

第一節 研究架構關係性確認 49
第二節 金磚四國最適進入策略之選擇 75

第五章 結論與未來研究建議

第一節 研究結論 84
第二節 未來研究建議 86

參考文獻 89

附件

附件一 Dematel問卷 98
附件二 ANP問卷 108

參考文獻
中文文獻
工研院IEK-IT IS，2006年，印度化工市場現況與機會，產業技術資訊服務推廣計畫
(ITIS)。
工研院IEK-IT IS，2006年，中國塑膠添加劑產業發展趨勢，產業技術資訊服務推廣
計畫(ITIS)。
中華經濟研究院，2000年，東亞及中國大陸投資環境之比較，東亞經貿投資研究季
刊，第8期。
中華經濟研究院，2006年，東亞國家經濟發展願景之比較，東亞經貿投資研究季刊，
第34期。
中華經濟研究院，2007年，東亞人力資源之比較分析，東亞經貿投資研究季刊，第
37期。
沈耀華，2005年，2032年印度成為第3大經濟體，商業周刊，第901期，112–113
頁。
吳思華，2000年，策略九說：策略思考的本質，城邦文化。
吳清松，2002年，國際企業管理－理論與實務，台北市：吳青松發行：智勝文化總
經銷。
林彩梅，2003年，多國籍企業論，台北市：五南圖書出版股份有限公司，第五版。
林灼榮 施雅琴，2004年，國際貿易 理論 政策 實證，新陸出版社，全新版。
吳修辰，2005年，2028年俄羅斯稱霸歐洲大陸，商業周刊，第901期，110–111頁。
莫斯科台灣貿易中心，2008年，經濟穩定成長購買力大幅提昇俄塑膠機械市場持續
蓬勃發展。
http://www.taipeiplas.com.tw/chinese/presscenter/news_view.shtml?docno=1931
賀桂芬，2005年，2036年巴西超越德、英，商業周刊，第901期，108–109頁。
楊少強，2005年，2041年中國取代美國當老大，商業周刊，第901期，114–115頁。
劉峰旭，2004年，台灣廠商大陸市場進入模式及經營績效之研究－交易成本理論、
制度理論與行為決策理論之整合分析，銘傳大學碩士論文。
黎祖玲、謝偉英，2007年，商機無限在印度－印度塑膠技術展覽會，新聞稿。
經濟部投資業務處，2007年，巴西投資環境簡介，第6版。
戴國良，2004年，國際企業管理－理論與實務，普林斯頓國際有限公司。

英文文獻
Agarwal, S. & Ramaswami, S. (1992). Choice of foreign market entry mode: Impact of ownership, location and internalization factors. Journal of international business studies, 23(1), 1-27.
Agarwal, B. (1994). A field of one’s own: gender and land rights in south asia, cambridge: cambridge university press.
Ahmed Z.U., Mohamed O., Johnson, J.P. & Meng L.Y. (2002). Export promotion programs of malaysian firms: an international marketing perspective. Journal of business research, 55(10), 831-843.
Ahmed, Z.U., Mohamad, O., Tan, B. & Johnson J.P. (2002). International risk perceptions and mode of entry: A case study of Malaysian multinational firms, Journal of business eesearch, 55(10), 805-813.
Anderson, E. & Gatignon, H. (1986). Modes of foreign entry: A transaction cost analysis and propositions, Journal of international business studies, 17(3), 1-26.
Barkema, H.G. & Vermeulen, F. (1998). International expansion through start-up or acquisition: A learning perspective, Academy of management journal, 41(1), 7-26.
Barney, J.B. (1991). Firm resources and sustained competitive advantage, Journal of management, 17(1), 99-120.
Benito G. & Gripsrud G. (1992). The expansion of foreign direct investments: Discrete rational location choices or a cultural learning process? Journal of international business studies, 23(3), 461-476.
Brouthers, K.D. & Brouthers, L.E. (2003). Why service and manufacturing entry mode choices differ: The influence of transaction cost factors, risk and trust, Journal of management studies, 40(5), 1179-1204.
Buckley, P.J. & Casson, M. (1976). The future of the multinational enterprise, London: macmillan.
Buckley, P.J. & Casson, M. (1996). An economic model of international joint venture strategy, Journal of international business atudies, 27(5), 849-876.
Caves, R.E. (1971). Industrial corporations: The industrial economics of foreign investment, economica, 38(2), 1-27.
Caves, R.E. & Mehra, S.K. (1986). Entry of foreign multinational into U.S. manufacturing industries, In: Porter, M.E. (Ed.), Competition in Global Industries, Harvard Business School Press, Boston, MA, 449-481.
Chang, S.J. & Philip M.R. (2001). The choice of entry mode in sequential foreign direct investment, Strategic management journal, 22(8), 747-776.
Chen, H. & Hu, M.Y. (2002). An analysis of determinants of entry mode and its impact on performance, International business review, 11(2), 193-210.
Cho, K. (1985). Multinational banks: Their determinants and identities, UMI research press, Ann arbor, michigan.
Coase, R.H. (1937). The nature of the firm, Economica, 4(16), 386-405.
Contractor, F. & Lorange P. (1988). Competition vs. Cooperation: A benefit/cost framework for choosing between fully-owned investments and cooperative relationships, Management international review, 28(1), 5-18.
Contractor, F.J. & Kundu, S.K. (1998). Modal choice in a world of alliances: Analyzing organizational forms in the international hotel sector, Journal of international business Studies, 29(2), 325-358.
Davidson, W.H. (1982). Global strategic management, John wiley and sons: New York.
Delios, A. & Beamish, E.W. (1999). Ownership strategy of japanese firms: Transactional, institutional and experience influences, Strategic management journal, 20(10), 915-933.
Demirtas, E.A. & Ustun, O. (2008). An integrated multiobjective decision making process for supplier selection and order allocation, Omega, 36(1), 76-90.
Dunning, J. (1977). Trade, location of economic activity and the multinational enterprise: A search for an eclectic approach,., editors, The international allocation of economic activity, 395-418, In B. Ohlin, P.O. Hesselborn & P.M. Wikman.
Dunning, J.H. (1993). Multinational enterprises and the global economy, Reading, MA: Addison-wesley publishing company.
Elango, B. & Sambharya R.B. (2004). The influence of industry structure on the entry mode choice of overseas entrants in manufacturing industries, Journal of international management, 10(1), 107-124.
Elango, B. (2005). The influence of plant characteristics on the entry mode choice of overseas firms, Journal of operations management, 23(1), 65-79.
Erdogmus¸ S., Kapanoglu, M. & Koc, E. (2005). Evaluating high-tech alternatives by using analytic network process with BOCR and multiactors, Evaluation and program planning, 28(4), 391-399.
Erramilli, M.K. & Rao, C.P. (1990). Choice of foreign market entry modes by service firms: role of market knowledge, Management international review, 30(2), 135-150.
Erramilli, M.K. (1991). The experience factor in foreign market entry behavior of service firms. Journal of international business studies, 22(3), 479-501.
Erramilli, M.K. & Rao, C.P. (1993). Service firms’ international entry-mode choice: a modified transaction-cost analysis approach, Journal of marketing, 57(3), 19-38.
Feenstra, R.C. (1998). Integration of trade and disintegration of production in the global economy, Journal of economic perspectives, 12(4), 31-50.
Fukasaku, K. & De Mello Jr, L.R. (1999). Fiscal decentralization in emerging economies, Development centre, OECD, Paris.
Gatignon, H. & Anderson, E. (1988). The multinational corporation’s degree of control over foreign subsidiaries: an empirical test of a transaction cost explanation, Journal of law economics and organization, 4(2), 305-336.
Goldman Sach (2003). Dreaming with BRICs: the path to 2050, Global economics paper No: 99. Economic research from the GS financial workbench® at https://www.gs.com
Griffin R.G. & Pustacy M.W. (2005). International Business (4rd ed.), Pearson International Edition.
Haiyang. C. & Michael, Y.H. (2002). An analysis of determinants of entry mode and its impact on performance International Business Review Volume, 11(2), 193-210.
Hennart, J.F. (1988). The transaction costs theory of joint ventures, Strategic Management Journal, 9(4), 361-374.
Hennart, J.F. (1991). The transaction costs theory of joint ventures: an empirical study of Japanese subsidiaries in the United States, Management Science, 37(4), 483-497.
Hennart J.F. & Park Y.R. (1993). Greenfield vs. acquisition: The strategy of Japanese investors in the United States, Management Science, 39(9), 1054-1070.
Hennart, J.F. & Reddy, S. (1997). The choice between mergers and acquisitions and joint ventures: the case of Japanese investors in the United States, Strategic management journal, 18(1), 1-12.
Hill, C.W., Hwang, P. & Kim, W.C. (1990). An eclectic theory of choice of international entry mode, Strategic management journal, 11(2), 117-128.
Hofstede, G. (1980). Culture's consequences: international differences in work-related values, Beverly hills, CA: Sage.
Hymer, S.H., (1960, published 1976). The international operations of national firms: a study of direct foreign investment, Cambridge, MA: MIT press.
Hymer, S.H. (1968). The multinational corporation: An analysis of some motives for international business integration, Revue economique, 19(6), 949-973.
Hymer, S.H. (1976). The international operations of national firms: a study of foreign direct investment, MIT press, Cambridge, MA.
Jackson, J.H. & Musselman, V.A. (1987). Business: contemporary concepts and practices, Prentice-hall, Englewood cliffs, NJ.
Jarillo, J.C. (1988). On strategic networks, Strateg Manage. J., 1(1), 31-41.
Johanson, J. & Mattsson, L.G. (1987). Interorganizational relations in industrial systems: a network approach compared with the transaction-cost approach, international studies of management and organization, 17(7), 34-48.
Kim, W.C. & Hwang, P. (1992). Global strategy and multinationals' entry mode choice. Journal of international business studies, 23(1), 29-54.
Kindleberger, C.P. (1974). The formation of financial centers: a study in comparative economic history, Princeton studies in international finance No. 36.
Knickerbocker, F.T. (1973). Oligopolistic reaction and multinational enterprise, Harvard university, Boston.
Kogut, B. & Singh, H. (1988). The effect of national culture on the choice of entry mode, Journal of international business studies, 19(3), 414-432.
Kojima, H. (1978). Measurements of equilibrium charge distribution on aerosols in bipolar ionic atmosphere, Atmos. Enuiron, 12(12), 2363-2368.
Lall, S. (1980). Monopolistic advantages and foreign involvement by US manufacturing industry, Oxford Economic Papers, 32(1), 102-122.
Lecraw, D.J. (1984). Bargaining power, ownership, and profitability of transnational corporations in developing countries, Journal of international business studies, 15(2), 27-43.
Li, J.T. & Guisinger, S. (1992). The globalization of service multinationals in the triadregions: Japan, Western Europe and North America, Journal of international business studies, 23(4), 675-696.
Maignan, I. & Lukas, B.A. (1997). The nature and social uses of the Internet: A qualitative investigation, The journal of consumer affairs, 31(2), 346-371.
Makino, S. & Delios, S. (1996). Local knowledge transfer and performance: implications for alliance formation in Asia, Journal of international business studies, 27(4), 905-927.
McKinnon, R. & Ohno, K. (2001). The foreign exchange origins of japan’s economic slump and low interest rate liquidity trap, World economy, 24(3), 279-315.
Mudambi, R. & Mudambi, S.M. (2002). Diversification and market entry choices in the context of foreign direct investment, International business review, 11(1), 35-55.
Ogasavara, M.H. & Hoshino, Y. (2007). The impact of ownership, internalization, and entry mode on japanese subsidiaries’ performance in Brazil, Japan and the World economy, Japan and the world econmy, 19(1), 1-25.
Padmanabhan, P. & Cho, K.R. (1996). Ownership strategy for a foreign affiliate: an empirical investigation of Japanese firms, Management International Review, 36(1), 45-65.
Palenzuela, V.A. & Bobillo, A.M. (1999). Transaction costs and bargaining power: entry mode choice in foreign markets, Multinational business Review, 7(1), 62-75.
Penrose, E.T. (1959). The Theory of the Growth of the Firm, New York: John Wiley.
Peteraf, M. (1993). The cornerstones of competitive advantage: A resource-based view, Strategic Management Journal, 14(3), 179-191.
Prasad, P., & Kang, R.C. (1996). Ownership strategy for a foreign affiliate: An empirical investigation of japanese firms, Management international review, 36(1), 45-65.
Quelch, J.A. & Kenny, D. (1994). Extend profits, not product lines, Harvard business review, 72(5), 153-160.
Root, L.S. (1987). Faculty evaluation: Reliability of peer assessments of research, teaching, and service. Research in Higher Education, 26(1), 71-84.
Saaty, T.L. (1980). Saaty the analytic hierarchy process, McGraw-hill, New York.
Saaty, T.L. (1999). Fundamentals of the analytic network process, Paper presented at the ISAHP 1999, Kobe, Japan.
Saaty, T.L. (2001). The analytic network process, Pittsburgh: RWS publications.
Saaty, T.L. & Cho, Y. (2001). The decision by the US congress on china's trade status: a multicriteria analysis, Socio-economic planning sciences, 35(4), 243-252.
Saaty, T.L. & Ozdemir, M. (2003). Negative priorities in the analytic hierarchy process. Mathematical and computer modelling, 37(9-10), 1063-1075.
Saaty, T.L. (2004). The analytic network process (Part 2) benefits opportunities costs and risks decision example, Paper presented at the MCDM 2004, Whistler, B.C., Canada.
Shane, S. (1994). The effect of national culture on the choice between licensing and direct foreign investment, Strategy management, 15(8), 627-642.
Siripaisalpipat, P. & Hoshino, Y. (2000). Firm-specific advantages, entry modes, and performance of Japanese FDI in Thailand, Japan and the World Economy, 12(1), 33-48.
Stephan, M. & Pfaffmann, E. (1998). Detecting the pitfalls of data on foreign directInvestment: A guide to the scope and limits of FDI-data as an indicator of business activities of transnational corporations, Discussion paper, 98-102, University of Hohenheim.
Stonehous G. (2000). Global and transnational business, John wiley and sons, 159.
Stopford, J.M. & Wells, L. (1972). Managing the multinational enterprise, Basic books: New York.
Teece, D.J. (1983). Technological and organizational factors in the theory of the multinational enterprises, In M. Casson (Ed.), the growth of international business, New York: Allen and Irwin.
Teece, D.J. (1986). Transaction cost economics and the multinational enterprise: an assessment, Journal of economic behavior and organization, 7(1), 21-45.
Thorelli, H.B. (1986). Networks: between markets and hierarchies, Strategic management Journal, 7(3), 37-51.
Tzeng, G.H., Chiang, C.H. & Li, C.W. (2007). Evaluating intertwined effects in e-learning programs: a novel hybrid MCDM model based on factor analysis and dematel, Expert systems with applications, 32(4), 1028-1044.
UNCTAD, (2007). World investment report: Transnational corporations, Extractive industries and development. At http://www.unctad.org/en/docs/wir2007_en.pdf
Vega-Cespedes, C. & Hoshino, Y. (2001). Effects of ownership and internalization advantages on performance: the case of Japanese subsidiaries in the United States and Latin America, Review of pacific basin financial markets and policies, 4(1), 69-94.
Wei, W. (2005). China and India: Any difference in their FDI performances? Journal of asian economics, 16(4), 719-736.
Wernerfelt, B. (1984). A resource-based view of the firm, Strategic management journal, 5(2), 171-180.
Wijnmalen D.J.D. (2007). Analysis of benefits, opportunities, costs, and risks (BOCR) with the AHP–ANP: A critical validation, Mathematical and computer modelling, 46(7-8), 892-905.
Williamson, O.E. (1975). Markets and hierarchies: Analysis and antitrust implications, New York: Free Press.
Williamson, O.E. (1985). The economic institutions of capitalism, New York: Free Press.
Woodcock, C.P., Beamsih, P. & Makino, S. (1994). Ownership-based entry strategies and international performance, Journal of international business Studies, 25(2), 253-272.
Zejan, M.C. (1990). New ventures or acquisitions: the choice of swedish multinational enterprises, Journal of Indindustrial Economics, 38(3), 349-355.

網站資料
Taiwan Security Research 網站 http://taiwansecurity.org/News/2001/JT-073001.htm
塑膠商情網 網站 http://www.tmdia.org.tw/industry_detail.asp?sn=1914